- Delfi (SGX:P34)'s poorer 1H24 results came on currency depreciation, weaker demand for its own brands and termination of an agency brand in Indonesia. Despite this, interim dividend was maintained at 2.06 US cents/share.
2Q24/1H24 results below expectations.
- - Read this at SGinvestors.io -
Top-line largely impacted by weaker regional currencies...
- In constant currency terms, 1H24 revenue dipped 3% y-o-y, indicating that currency depreciation alone led to a 5% drop.
- - Read this at SGinvestors.io -
…but own brands saw demand dampen.
- Excluding forex impact, sales of Delfi’s own brands dropped 8% y-o-y from lower demand across all markets and cuts in trade promotion spending.
- On the same basis, agency brands saw a 3% y-o-y rise on higher consumer demand in Malaysia and the Philippines. This was partially offset by the termination of an agency brand in Indonesia back in 3Q23, excluding which agency brand sales grew a substantial 9% y-o-y.
Lower margins posted.
- Read more at SGinvestors.io.
